"As a result, the Company defaulted on its interim filing obligations as it is currently not able to, among other things, estimate asset values and prepare financial statements with confidence that those financial statements will accurately represent the financial position of the Company and not contain a misrepresentation."
are these guys joking, of course they know all that plus they have Ferrier's advising them on their financial status, options, etc moving forward...management are having a lend of everyone here IMO...
And then this... "Following the receipt of legal advice and further assessment, the Company expects to be in a position to remedy the Default Interim Filings within 30 days." so now want be a problem lodging the financials ???
"Currently, no binding agreements have been concluded nor has any opportunity or arrangement sufficiently progressed to be announced. No assurance can be given at this stage that any definitive agreements or arrangements will be reached with any party that the Company may be in discussions with."
Always have to put this paragraph in to cover themselves, no guarantees - of course nothing is guaranteed in life, however we all know you are in advanced discussions with certain parties regarding a lifeline and debt re-structure, so come out with it !!! don't worry AFR Street Talk will keep us updated :-)
MBN Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
